San Francisco Federal Credit Union has agreed to buy Summit Bank in Oakland, Calif.
The $1.3 billion-asset credit union said in a press release that it expects to buy the bank in the first quarter. The price of the all-cash transaction wasn’t disclosed.
“We are thrilled to welcome Summit Bank customers and employees to the San Francisco Federal Credit Union family,” Ray Shams, the credit union’s president and CEO, said in a press release. “Community is central to our mission, and as we grow, we look forward to continuing to contribute to the economic vitality of Bay Area communities. We are committed to helping our members achieve their financial goals while fostering strong local partnerships.”
CEO Advisory Group, Bancorp I, McQueen Financial Advisors, Luse Gorman and SW&M advised San Francisco Federal Credit Union. Hillworth Securities and Gary Steven Findley & Associates advised Summit Bank.